This venture should result in gains in financial terms apart from development of infrastructure that comes along with these games. Yadav implies that it would not happen when he says: "What do we gain, barring a few medals and some IOA officials having a good time?" This aspect has to be investigated: whether Games are a profitable venture or not (usually they are profitable despite initial expenses for bidding and infrastructure).
If the Games are profitable, I do not understand Yadav's contention. For money is needed for development. Profitable ventures such as hosting a Commonwealth Games can be the proponents of bringing in new money into the country. It is common knowledge how much hosting an Olympic, for example, boosts the economy of a nation. Just recently, Prime Minister Manmohan Singh said that India wanted to host the Asian Games and the Olympics in the near future.
Also, it is too late for Yadav to raise the issue. India cannot withdraw from hosting the Commonwealth Games now at this late stage when the contracts have been signed. I am all for raising issues, but why not raise them when they can be resolved? Yadav's raising points right now just points towards creating a furor and gaining attention. And we all know politicians thrive when they get attention.
EDITOR'S NOTE: Thanks to a commenter, the article has been edited to reflect that it is Sharad Yadav who made the statements.